United States

• There are 3 changes for the S&P 500 INDEX, 7 changes for the S&P Midcap400 Index and 13 changes for the S&P SmallCap600 Index at the June rebalance.
• There is huge size to trade in KKR & Co (KKR US) and Crowdstrike Holdings (CRWD US) and both stocks were up big in the after-hours market.
• There has been positioning in some stocks recently but stocks including KKR & Co, RB Global and Texas Pacific Land could see further positioning in the next week.

• Tapestry is acquiring Capri, which owns Michael Kors, Versace, and Jimmy Choo
• FTC is scrutinizing the merger due to antitrust concerns in the affordable luxury market
• Capri’s deteriorating fundamentals may lead to a break price of $25 per share, with uncertain success of the acquisition

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Key points

• Dropbox was last pitched in August 2022 with nearly reached $1B FCF guidance for 2024
• Company hit a plateau with guidance for $957M to $997M in last earnings call, factoring in stock-based compensation resulting in over $620M in FCF on an $8.1B equity
• Despite recent drop in equity value, Dropbox offers higher earnings yield and potential upside in equity value compared to Box

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• High potential for additional recoveries with longer liquidation period
• Solvent receivership of Signature Bank offers compelling investment opportunity
• Potential for substantial upside for common equity, preferred equity, and unsecured bonds

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• Chubb Limited showcased a strong performance in its Q1 2024 update, with notable growth across multiple segments and a robust financial posture.
• The demonstrated acceleration in core operating income by over 20% to $2.2 billion and an operating EPS increase of nearly 23% to $5.41 underlines a solid upward trajectory.
• Particularly impressive was the company’s Property & Casualty (P&C) segment where underwriting income rose over 15% to $1.4 billion, underscoring a combination of earned premium growth and favorable underwriting margins.

• Ciena Corporation reported its fiscal second quarter 2024 financial results, delivering a mixture of strengths and areas for caution.
• Revenue for the quarter reached $911 million, aligned with market expectations but reflecting the ongoing variability in the order patterns of service providers, particularly impacted by inventory adjustments.
• The adjusted gross margin stood at 43.5%, showcasing the company’s ability to maintain profitability even in a fluctuating market scenario.

• Generac Holdings delivered a mixed performance for the first quarter of 2024.
• Strength in the Home Standby Generator segment and operational improvements played favorable roles, while declines in the global portable generators and domestic energy storage markets were notable drags on revenue.
• Generac’s consistent effort in expanding its dealer and installer networks, alongside investments in both traditional and emerging product lines, solidifies its market leadership and positions it well for long-term growth.

• Progressive Corporation reported strong first quarter results for 2024, marking a period of robust growth and profitability.
• This quarter was highlighted by an 18% increase in net premiums written and an impressive combined ratio of 86.1%.
• These results represent both growth and a sound strategic approach to rate revisions and risk management, reflective of the company’s core values and business strategy.

• Tempus AI, a healthcare IT company and provider of next-gen diagnostics, is expected to IPO next week. The company plans to raise $411M at the high end of the range.
• The most recent S-1/A puts the expected price range per share at $35 to $37, implying a market cap of ~$6B at the midpoint.
• Tempus AI provides personalized cancer care and brings AI to healthcare at scale. They train LLMs to develop AI applications and have the largest public genomic data sets in oncology

• Travelers Companies Inc.’s first quarter 2024 results exhibit a strong financial performance characterized by solid growth in both top-line and bottom-line metrics, further strengthened by strategic initiatives and investments that bolster its market position.
• The company reported core income of $1.1 billion, reflecting a notable increase from the previous year, despite facing a $211 million one-time tax benefit in the prior year’s quarter.
• This performance was bolstered by a core return on equity of 15.4%, showcasing effective capital utilization.

• The European gas market panics despite 70% storage levels after Norwegian outage.
• Disruption exposes Europe’s vulnerability due to reliance on few gas suppliers. Norway supplied 30% of Europe’s gas in 2023.
• Rising demand from Asia eating up some of Europe’s gas imports. Competition between the two continents to intensify as global demand picks up.

• The first quarter fiscal 2025 earnings by Best Buy Co., Inc. demonstrated some mixed results.
• On the positive side, it highlighted that the company had better-than-expected Q1 profitability through strong execution and preparation for future growth.
• The company has been driving improvements in its priorities and its operational metrics.

• It should come as no surprise that 2022 was rife with contagion in the crypto industry.
• Numerous crypto companies went bankrupt, many due to fraud.
• Now, the majority of these bankruptcy cases are nearing their conclusion, and some have already been completed, allowing creditors – primarily clients with assets stuck in these firms – to receive the remaining assets.

• BurgerFi International is currently examining a strategic decision involving the possible sale of the company.
• This review comes in the wake of their reported financial outcomes for the first quarter of 2024.
• Analyzing the financial data and strategic initiatives articulated during the earnings discussion can provide insights into the potential advantages and challenges related to such an acquisition.

• CrowdStrike Holdings Inc. has reported its fiscal first quarter 2025 results, demonstrating robust growth and financial performance.
• CrowdStrike’s investment appeal is anchored on its comprehensive cybersecurity solutions delivered through the Falcon platform, an AI-native software that consolidates various cybersecurity functionalities.
• This platform strategy leverages artificial intelligence to enhance cybersecurity measures, streamline operations, and improve cost-efficiencies for clients.

• In its second quarter of fiscal 2024, Hewlett Packard Enterprise (HPE) reported notable performance, surpassing its initial revenue and non-GAAP diluted net earnings per share (EPS) expectations.
• This growth was primarily driven by a robust increase in demand for AI systems, highlighted by a significant uptick in revenue contributing to a cumulative AI systems orders of $4.6 billion for the quarter.
• HPE’s optimistic outlook is further supported by a raise in full-year revenue and non-GAAP EPS guidance, though it maintains its forecast for free cash flow.

• As per the Q1 2025 earnings, Asana experienced a positive start to the year, with revenues growing 13% year-over-year.
• Revenue from large customers grew even faster.
• Non-operating margins also improved by 5 percentage points year-over-year.

• The Gap Inc. reported strong first quarter results, exceeding expectations across key metrics, with market share gains and positive comparable sales across all brands.
• The company’s first quarter performance reflected continued focus on its financial and operational priorities.
• Comparable sales for the company grew by 3%, with positive comps for all brands.

• Guess?, Inc.’s Q1 fiscal 2025 showed a strong start to the year, with significant progress on operational, strategic, and financial objectives.
• The company reported results for the first quarter exceeding expectations in revenues, operating earnings, and per share results.
• Sales growth was recorded in each of their segments and gross margins expanded favorably impacting the bottom line.

• In its recent earnings, Burlington Stores reported revenues and earnings growth for the first quarter of 2024.
• Total sales grew by 11% compared to the same quarter in the previous year, driven by new store openings and comparable store sales growth.
• The company opened 14 new stores during the quarter, expanding the total count to 1,021 stores.

• SHFE silver premium over COMEX silver has escalated to 7%, exacerbated by falling SHFE silver inventories, indicating a deepening shortage in China.
• Surging demand from China’s rapidly growing solar industry and renewable data centers is deepening the global silver deficit, now projected to continue at record levels for a fourth year.
• The strong bullish outlook for silver suggests that the bullishness in silver prices is likely to continue in the near-term.

• Salesforce Inc.’s Q1 2025 results saw revenue growth of 11% year-over-year to $9.13 billion, with the CRM provider leading market share worldwide for the 11th consecutive year, according to the latest IDC software tracker.
• The company is managing over 250 petabytes of data for its customers as it continues to drive transformation in artificial intelligence (AI).
• The company maintained its FY ’25 revenue guidance of $37.7 billion to $38 billion, representing a growth of 8-9% year-over-year.

• Lululemon was facing some really thorny questions from Mr. Market ever since 4Q’23 earnings. Today’s earnings should help calm some nerves.
• Here are my highlights from tonight’s call. Sales Growth by Region At first glance, one may find confirmation to plenty of concerns for LULU. US sales, which was ~61% of overall sales this quarter, grew by only 2%.
• Growth momentum in international markets, especially in China helped mask the weakness in the US.

• Marvell Technology, Inc.’s Q1 2025 earnings report reflects a strong start to the fiscal year with revenue of $1.16 billion, surpassing the midpoint of guidance.
• The overachievement was largely driven by higher-than predicted results from the company’s data center operations, which reported $816 million in revenue for the quarter.
• The company anticipates such performance and growth to continue throughout the fiscal year, especially in light of initial shipments of their custom AI compute programs.

• C3.ai Inc.’s 2024 fourth quarter financial results and their fiscal year report have illustrated continuous growth and increased profitability.
• With a record revenue of $310.6 million for the full year, indicating a 16% increase from last year, and Q4 revenue at $86.6 million, the company has significantly exceeded analyst expectations and its own guidance estimates.
• Its subscription revenue reached an impressive $278.1 million, a 21% rise from last year’s figures.

• Abercrombie & Fitch had a successful start to the fiscal year 2024, as reported in their first quarter’s earning call.
• Producing record sales and operating income, the company reported net sales of $1 billion, a growth of 22% year-over-year.
• The operating income reached $130 million, making the first quarter of 2024 an unprecedented quarter in the history of Abercrombie & Fitch.

• Nutanix, in their latest Q3 2024 earnings, reported robust results that outpaced the company’s guidance.
• This was primarily driven by steady demand for their solutions, particularly from businesses prioritizing digital transformation and infrastructure modernization initiatives, aiming to optimize their total cost of ownership or TCO.
• Nutanix’s quarterly revenue hit $525 million, and the Annual Recurring Revenue (ARR) climbed 24% year-over-year to $1.82 billion, indicating a healthy and growing customer base.

• Dell Technologies Inc’s stock price crashed after a disappointing set of earnings.
• The company reported its first quarter results for the fiscal year 2025, highlighting a 6% increase in revenue to $22.2 billion.
• The revenue growth was attributed to remarkable growth in servers and a return to growth in the commercial PC business.

• Dick’s Sporting Goods Inc. is demonstrating strong performance as evidenced by its Q1 2024 results, driven by its strategic focus on an omnichannel athlete experience, differentiated product assortment, deep engagement with the Dick’s brand, and commitment to creating a best-in-class teammate experience.
• This quarter’s sales increased by 6.2% to just over $3 billion, and comparable sales saw an uptick of 5.3%.
• Additionally, growth was recorded in cross-channel transactions, indicating more purchases from athletes and an increase in average ticket expenditure compared to previous years.

• Okta Inc., a leading independent identity provider, posted encouraging results for the first quarter of the fiscal year 2025, and market observers have drawn several insights from the company’s earnings call.
• One positive aspect of Okta’s performance is its remarkable profitability and cash flow.
• The company achieved record profitability and posted a free cash flow margin of 35%.

• The S&P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
• The rankings used for the June 2024 index rebal event will be decided based on the opening prices tomorrow (6th June 2024).
• In this insight, we take a final look at the potential ADDs and DELs leading the rankings for the upcoming review.

• Apollo-Managed funds and affiliates will lead an investment of $11 billion to acquire from Intel a 49% equity interest in a joint venture entity related to Intel’s Fab 34
• This deal follows a similar mid-2022 deal with Brookfield to co-invest in two new leading edge fabs in Arizona at a cost of up to $30 billion
• Why make the deal with Fab 34 in Ireland instead of the Ohio fab under construction?

• Marvell had a pretty solid result and guided to sequentially better revenue.

• The market didn’t like this, but I thought, looking through the result, I liked this result quite a bit. Shares did not.

• Marvell Technology reports Q1 EPS $0.24 ex-items vs FactSet $0.24.

• OPEC+ decided to extend production cuts to the end of 2025. It also plans to ease voluntary output cuts starting this October.
• Easing hints sent oil prices tanking, shedding 5% over two days. Weak demand and ample supply thanks to overproduction by OPEC+ members lend little price support.
• Summer driving season will ramp up gasoline demand. Weather might dampen demand, but panic buying will more than offset the demand pullback.

• PPSI is a micro-cap electrical-power management company with profitable growth potential
• Stock is currently undervalued, trading at an estimated 5x 2024 P/E compared to a potential 15x multiple
• Analyst believes company could triple in value within the next year as market catches up to its true potential

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• Astera Labs announced financial results for 1Q’FY24 in May. According to IPO prospectus, ~5.9M shares became eligible for sale following public release of earnings for the first quarter of FY24.
• The high-growth semiconductor company filed form S-8 on May 8, 2024. The selling stockholders, including current employees and service providers, offered additional ~3M shares as early lock-up expired.
• Astera Labs shares currently trade at rich multiples of ~37x EV/FY24E Revenue and ~25x EV/FY25E Revenue on my revised forecasts.

• LILAK has experienced a decline in funds and lack of investor interest, leading to its lowest stock price ever
• Challenges include leverage and delayed synergies from an acquisition
• Despite this, the company has promising mid-term guidance of over $1 billion in free cash flow, with plans for stock buybacks and deleveraging, making it a potential investment opportunity for growth and recovery.

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• IN8Bio is a clinical-stage, oncology-focused biotechnology company using ?d T cells against solid and hematological tumors.
• Its pipeline is built on the DeltEx platform & drug resistant immunotherapy (DRI) technology which have produced clinical candidates targeting leukemia & GBM.
• INB-100 is evaluating leukemia in a Ph1 study, while INB-200 & INB-400 are Ph1 and Ph2 assets evaluating GBM.

• Author reflects on investment in bitcoin and ethereum during crypto bottom
• Despite fourth crypto winter, author remains optimistic about potential for growth
• Author believes in helping others make money in volatile market through insights and advice

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• Quipt is the 5th largest home medical equipment provider in the US, specializing in respiratory equipment and consumables for patients in a home setting.
• The company operates out of 125 locations in 26 states, with dual listings in Canada and the US.
• Despite a 26% increase in share count and $70 million rise in debt, Quipt’s stock price has fallen by 4% due to concerns about potential competition from GLP-1s and a Civil Investigative Demand regarding possible false claims to government healthcare programs.

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• BTC Spot ETFs Net $2Bn in May: Discover how consistent ETF inflows are driving Bitcoin’s impressive rally and near all-time highs.
• BTC Market Structure Insights: Learn about the consolidation patterns and market scenarios that could lead to Bitcoin breaking new highs.
• Upcoming Token Unlocks: Stay informed about significant upcoming token unlocks and their potential market impact.

• Carnival Corporation is the world’s largest cruise ship operator with a large fleet and significant market share
• The company was severely impacted by the COVID-19 pandemic, halting service for 15 months and taking on substantial debt
• Since resuming cruises in July 2021, Carnival has seen a rebound in revenues driven by strong demand for post-COVID travel, but still faces challenges with cashflow and debt sustainability

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• In the past one and a half months, exchange-traded crypto funds have been launched in two countries.
• Hong Kong introduced both Bitcoin and Ethereum exchange-traded products in late April, followed by the UK doing the same last week.
• Tomorrow, Australia will launch its Bitcoin spot ETF, but like the recent launches in Hong Kong and the UK, we do not expect it to be a major success.

• On May 28, 2024, MediciNova, Inc. (MNOV) announced that two abstracts regarding MN-001 (tipelukast) and MN-002 were presented as posters at the 92nd European Atherosclerosis Society (EAS) 2024 Congress.
• The poster on MN-001 discussed the objectives and design of the ongoing Phase 2 clinical trial enrolling patients with Type 2 diabetes, dyslipidemia, and NAFLD, which has now enrolled a total of 33 patients.
• The other presentation regarded the mechanism of action of MN-001/MN-002 in lipid metabolism.

• Organovo is a biotech company that has 3D technology enabling the company to produce various human tissues, allowing the company to target diseases and accelerate the drug development process.
• The company released its annual report that showed good cash balances, and also recently released positive Phase 2 results for one of its primary treatments-FXR314.
• These results are very encouraging and bolster our belief in the future prospects for ONVO.

• Conocophillips is set to acquire Marathon Oil in an all-stock deal (0.2550 COP US per 1 MRO US) valued at $22.5 billion ($30.33/share), including $5,379 million in net debt.
• Most of the frenzy in the US oil industry has focused on the consolidation within the Permian Basin, a maturing region that offers opportunities to reduce costs and increase profitability.
• The acquisition of Marathon will add highly complementary acreage to ConocoPhillips’ existing U.S. onshore portfolio. Spread as of 4 June is 2.6%/4.7% (gross/annualised, assuming settlement by late Q4).

• Brent crude has weakened by $10 since early April, with the prompt time spread indicating plentiful supply relative to consumption
• Demand for crude oil for combustive fuels like gasoline and diesel is expected to peak towards the end of the decade, while demand for natural gas liquids used in petrochemical production is set to rise
• Preliminary demand data for April showed signs of improvement, with observable oil inventories increasing, particularly in China, due to lower oil prices prompting stockpiling

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• The Holy Grail of Commodity Trading? If there is a holy grail of commodity trading, I would say it’s becoming a master in reading the movements in the futures forward curve.
• Knowing how futures contracts change and how the curve shifts from contango to backwardation, and vice versa, gives commodity traders a lot of useful info about the physical supply and demand.
• While many market participants argue about the meaning and definition of backwardation and contango, the direction in which the spreads are actually moving is far more important to us.

• A near-term key NVX goal is to secure additional customers and lock in demand.
• NVX recently formed an agreement with PowerCo SE, part of the Volkswagen Group, to develop, test and analyze synthetic graphite anode materials customized for PowerCo’s requirements.
• If successful, this could lead to a new supply agreement.

• SLCA has seen a decrease in shares and reduction in debt, making its enterprise value cheaper
• Core thesis remains unchanged, with focus on potential split of company’s two businesses for separate valuations
• Recent acquisition in frack sand business by Atlas Energy provides comparable valuation exercise for SLCA, suggesting potential value of company’s assets and opportunity for increased valuation in the future

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• 1Q24 production (excluding NGL) in the Williston was 1,151 boe/d.
• This is 140 boe/d above our expectations and ~100 boe/d above 4Q23 production.
• Production in March (excluding NGL) had increased to 1,212 boe/d.

• In the fourth quarter fiscal of 2024, Deckers Brands achieved record revenue growth of 18% compared to the previous year, almost reaching $4.3 billion of annual revenue.
• Gross margin increased by a considerable 530 basis points from last year to 55.6%, and earnings per share rose by 51% to $29.16.
• These results reflect Deckers’ successful long-term strategies and the hard work of its employees.

• From the Q4 2024 Earnings of VF Corporation, it can be inferred that the company is working on a transformation strategy named Reinvent to return to long-term growth.
• The company seems to be undergoing significant changes both structurally and operationally.
• Reinvent’s primary focus is on restructuring the U.S. business, cost base adjustment, and balance sheet enhancement.

• Snowflake Inc. reported a strong Q1 for its fiscal year 2025, with the CEO, Sridhar Ramaswamy, outlining the key priorities of learning from customers, driving execution within go-to-market teams, and fueling innovation and product delivery.
• The results presented prove that Snowflake’s core business remains robust.
• It delivered a remarkable Q1 with product revenue for the quarter rising to $790 million, a 34% increase YoY.

• e.l.f. Beauty reported a solid 2024 fiscal fourth quarter, hitting a significant milestone of over $1 billion in net sales.
• The company grew net sales by 77%, exceeding expectations.
• Q4 marked the 21st consecutive quarter of both net sales growth and market share gains.

• Intuit reported strong performance in its Q3 FY 2024 results as it continued executing its strategy of becoming a global AI-powered platform for consumers and small businesses.
• The company achieved a 12% growth in revenue with the Small Businesses and Self-Employed Group portion growing 18% despite a volatile environment, indicating the strategic value of their services.
• On the other hand, Consumer Group and Credit Karma exhibited growth rates of 9% and 8%, respectively, driven by product innovation and platform integration benefits.

• In its fiscal year 2024 Q4 earnings, Medtronic reported significant revenue growth and strong earnings, demonstrating the effectiveness of its strategies to drive growth and profitability.
• The company’s four segments delivered mid-single-digit or higher revenue growth, with total revenue growth exceeding 5% for the full fiscal year.
• This record growth was largely driven by new product innovations across Medtronic’s cardiovascular, robotics, diabetes care, and other therapeutic segments.

• Based on the recent earnings, Ralph Lauren Corporation demonstrated credible fiscal performance despite the ongoing uncertainties of the global business climate.
• The company remained resilient with the successful execution of its Next Great Chapter Accelerate plan.
• On a positive note, President and CEO, Patrice Louvet, highlighted the progress made on several fronts.

• Ross Stores Inc.’s first quarter report for 2024 showed a mixed picture.
• On the positive side, the company managed to meet its Q1 sales guidance and outperform its earnings expectations.
• Its total sales grew by 8% to $4.9 billion in Q1 2024 from $4.5 billion during the same period in the previous year.

• In Q2 2024, Synopsys’s revenue increased by 15% year over year, aligning it with the high-end expectations of its guided range.
• The non-GAAP operating margin also rose by roughly three points to 37.3%, with non-GAAP EPS increasing by 26% year over year.
• These exceeding outcomes have prompted Synopsys to raise its full-year revenue and non-GAAP EPS guidance.

• Target Corporation reported its Q1 2024 financial results that were largely in line with its own expectations, while outlining various strategies and initiatives aimed at bolstering growth and profitability.
• Despite the challenging economic environment and volatility in consumer spending patterns, Target remains resilient, with its profitability continuing to benefit from prudent cost management and ongoing investments in strategic growth initiatives.
• However, softer trends in discretionary categories, particularly Home and Hardlines, may continue to pressure sales in the near term.

• Automotive revenues for Q1CY24 amounted to $603 million, up 35% YoY. This compares to MobilEye’s revenue of $239 million, down 48% YoY
• Automotive design-win pipeline is now $45 billion, up from $30 billion less than two years ago
• CEO Amon said “Every time we enter a new market, we end up building a very strong position”. That’s a shot across the bows for Intel and AMD…

• NVIDIA Corporation is on track to become the largest company in the world, purely on the basis of its leadership in the artificial intelligence (AI) and graphics processing units (GPU).
• The company, reported its first quarter earnings of the fiscal year 2025.
• The company generated record revenue of $26 billion which is sequentially up by 18% and YoY up by 262%, significantly surpassing its estimated outlook of $24 billion.

• Zoom reported total Q1 revenue of $1.141 billion, a 3% year-on-year increase.
• Enterprise revenue, which represented 58% of total revenue, grew 5% year-on-year.
• Gross margin was 79.3%, slightly lower than the 80.5% recorded in the same quarter last year due to investments in AI innovation.

• American International Group Inc. (AIG) reported a solid performance for the first quarter of 2024, showing significant improvements.
• Peter Zaffino, the company’s Chairman and CEO, remarked on the steady growth witnessed this year, with the report indicating a 9% year-on-year increase in adjusted after-tax income, seeing it to $1.2 billion or $1.77 per diluted common share.
• Some key factors driving this growth include the expansion of AIG’s operations, particularly via its General Insurance underwriting segment, which experienced a 19% year-over-year increase, translating to underwriting income of $596 million in Q1 2024.

• Modine Manufacturing Company (Modine) reported upbeat performance for its fiscal 2024 with record sales and adjusted EBITDA being noted for the second consecutive year.
• Sales increased by 5% to reach $2.4 billion while adjusted EBITDA surged by 48% to $314 million; a significant margin improvement indicating the company’s effective commitment to its 80/20 principle.
• Modine successfully shifted its business to targeted markets with growth potential where its innovative solutions are well-regarded, leading to sustainable margins.

• We are reiterating our Buy rating and $37 price target for Guess?
• and tweaking and further back-end loading our FY25 and FY26 projections after Guess?
• announced 1QFY25 top and bottom line upside, driven by Europe and Domestic wholesale results, as the rag & bone acquisition proved to be a key positive and the company continues to take share in Europe.

• Keysight Technologies Inc.’s fiscal second-quarter earnings were decent and the company reported solid revenue of $1.2 billion, surpassing the high end of its guidance, with earnings per share of $1.41.
• Orders worth $1.2 billion were reported to have aligned with the results of the prior quarter.
• The company cited stability and growth in multiple end markets, despite constrained customer spending.

• Lowe’s Companies reported its recent earnings and maintained the company’s expectations for fiscal 2024.
• Their first quarter sales were $21.4 billion, with comparable sales down 4.1% from the same period last year.
• Despite the continued pressure in DIY big ticket discretionary spending, the company delivered better-than-expected spring seasonal sales.

• MetLife Inc. delivered solid financial results for the first quarter of 2024 with strong top-line growth, consistent execution, and sustained momentum.
• The company reported adjusted earnings of $1.3 billion or $1.83 per share, up 20% per share from the prior year period, reflecting a partial rebound in variable investment income led by private equity gains.
• Net income for the first quarter was $800 million, taking a sharp rise from $14 million from the prior year period.

• This is a special one-time report on N-able as the company is receiving tremendous acquisition interest.
• The potential for N-able to be acquired is bolstered by several key factors.
• First, its strong financial performance and profitable growth model make it an attractive target.

• Zscaler missed billings estimates and lowered full-year revenue guidance due to extended sales cycles and deal closures delays
• Declining performances in the cybersecurity sector indicate potential underperformance for Crowdstrike
• Author predicts potential significant miss in Crowdstrike’s upcoming earnings based on current trends in the market

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• Anticipate significant downward revision in Arlo Technologies’ long-term revenue guidance
• Management’s lack of transparency regarding key performance indicators may have misled investors
• Initiate a short position before Feb. 29th guidance update to benefit from potential share price decline.

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• VAALCO has brought online four new long (2.75 mile) lateral wells in Canada.
• Three wells delivered IP rates of 500 bbl/d while the fourth well flowed 350 bbl/d for a total production capacity addition of 1.85 mbbl/d.
• This is a good result and compares with individual IP30 oil rates of 374-444 bbl/d achieved at the two wells drilled in 2023.

• TLNE is putting its growing cash balance to use by announcing a Dutch tender buyback of up to $600 million of its stock.
• The Dutch tender establishes our price target of $120 is too low as we look ahead to 2025.
• Our price target of $120 was based on TLNE generating approximately $700 million of adjusted EBITDA in 2024. We are now using our 2025 estimate for our price target

• RICK is the largest strip club operator that also owns the struggling restaurant chain, Bombshells
• Strip clubs in RICK’s targeted locations are generally profitable due to limited competition and high barriers to entry
• Tootsie’s, a club owned by RICK, experienced significant revenue and EBITDA growth since its acquisition in 2007, showcasing the company’s ability to generate attractive returns on acquisitions in the strip club industry

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• BILL Holdings shares significantly underperformed in 2024 with shares down ~37% year-to-date versus a 12% gain on the Nasdaq Composite Index.  
• Shares saw sell-off post 3Q’FY24 earnings as results indicated a weak 4Q’FY24 guidance and customer churn while SMBs continue to be pressured by high inflation and interest rates.
• My bear case implies a $31 valuation (vs. prior $25 PT), based on ~2x FY25E EV/Revenue and bear case FY25E revenue of $1368M, representing ~40% downside vs. current levels.

• Recently, we have discussed the significant positive shift in the U.S. regulatory environment for crypto.
• You might be weary of regulatory discussions, but we need to address the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.
• This framework is set to take full effect on December 30, 2024.

• 214MW of new projects to more than double the existing 75MW in operation and further builds on Soluna’s impressive corporate turnaround.
• In the past year, Soluna has launched its flagship Project Dorothy with both hosting (1A) and propriety mining (1B), moved to more profitable hosting contracts at its 25MW Project Sophie, began diversifying revenue through AI hosting at Project Sophie, and launched a new AI cloud venture and the Helix AI datacenter design.
• In addition, the company has been adjusted EBITDA positive for the past two quarters, while the balance sheet has improved. 

• On May 14, 2024, Satellos Biosciences Inc. (MSCLF) announced financial results for the first quarter of 2024 and provided a business update.
• Satellos is on track to initiate a Phase 1 first-in-human clinical trial of its lead development asset SAT-3247 in mid-2024.
• The company has completed manufacturing bulk quantities of the drug and formulated the first tablets for use in the trial.

• We are reiterating our Buy rating and $41 price target for Build-A-Bear Workshop after the company reported lower than consensus 1Q results, driven by weaker-than-expected online revenue, but reiterated both revenue and pre-tax income guidance for FY24.
• Given the multiple shifts in FY24, the potential for the company to drive material franchised and commercial revenue and what we view as a highly appealing experiential shopping experience, we remain positive on the potential for Build-A-Bear to achieve their guidance for FY24.
• Further, with the company remaining committed to returning capital to shareholders via share repurchases and dividends and maximizing a cash rich, debt-free balance sheet, we view today’s weakness in BBW as an opportunity to invest in one of the strongest (and highest margin) specialty retailers.